Cabot Earns $250M On Sale Of Pearsall Stake To Osaka

Law360, New York (June 22, 2012, 8:05 PM ET) -- Houston-based Cabot Oil & Gas Corp. has agreed to sell a 35 percent working interest in its Pearsall Shale operation to a U.S.-based subsidiary of Japanese energy giant Osaka Gas Co. Ltd. for $250 million, the Texas firm announced Friday.

The formation of a joint venture will give Osaka a nonoperating stake in 50,000 net acres Cabot has leased for development in Texas' Atascosa, Frio, La Salle and Zavala counties, according to a statement from Cabot. Under the agreement, which is expected to close Tuesday, Osaka...